BTI 2016

[Gütersloh, Germany]:Bertelsmann Stiftung

Date

2016

Subject Country

South Korea(Asia and Pacific)

Language

English

File Type

Link

Subject

Economy < Economic SystemGovernment and Law < Political Systems

Holding

Bertelsmann Stiftung

Abstract

The observation period of January 2013 to January 2015 corresponded with the first two years of the conservative Park Geun-hye administration, which succeeded the Lee Myung-bak administration in February 2013. Since the parliamentary elections in 2012, the conservative Saenuri Party has also held a strong majority in the parliament. Economic growth in Korea has remaThe observation period of January 2013 to January 2015 corresponded with the first two years of the conservative Park Geun-hye administration, which succeeded the Lee Myung-bak administration in February 2013. Since the parliamentary elections in 2012, the conservative Saenuri Party has also held a strong majority in the parliament. Economic growth in Korea has remained strong with a positive current account reflecting a strong export industry. Despite the positive macroeconomic trends, there has been much criticism aimed at the Park administration. The president has remained popular among older voters although her general approval ratings have slipped since the end of 2014, and went below 30% in January 2015. Economically, Korea remains divided between a strong export sector, dominated by large business conglomerates, and a weak SME sector employing the vast majority of Koreans. Unemployment is low, but precarious working conditions and increasing social inequality have been important issues in a country previously known for its relatively equal distribution of wealth.(The rest omitted)